The Maxine Giardina Charter School Inc.app1.lla.la.gov/PublicReports.nsf/B0C555B48D9459F...THE...

THE MAXINE GIARDINA CHARTER SCHOOL, INC.

Audit of Financial Statements

June 30, 2011

' ' LAPORTE

Contents

Independent Auditor's Report 1-2

Financial Statements

Statement of Financial Position 3

Statement of Activities 4

Statement of Cash Flows 5

Notes to Financial Statements 6 - 9

Independent Accountant's Report on Applying Agreed-Upon Procedures 11-14

Schedules Required by Louisiana State Law (R.S. 24:514 -Performance and Statistical Data) 15

General Fund Instructional and Support Expenditures and Certain Local Revenue Sources

Education Levels of Public School Staff

Number and Type of Public Schools

Experience of Public Principals, Assistant Principals, and Full Time Classroom Teachers

Public School Staff Data

Class Size Characteristics

Louisiana Educational Assessment Program (LEAP)

Graduation Exit Exam

iLEAP Test Results

Supplemental Information

Schedule of Governing Board 26

Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards 27 - 28

Schedule

1

2

3

4

5

6

7

8

9

16

17

18

19

20

21

22

23

24

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LaPorcc.com

Independent Auditor's Report

To the Board of Directors The Maxine Giardina Charter School, Inc. Thibodaux, Louisiana

We have audited the accompanying statement of financial position of The Maxine Giardina Charter School, Inc., (the School), a non-profit organization, as of June 30, 2011, and the related statements of activities and cash flows for the year then ended. These financial statements are the responsibility of the School's management. Our responsibility is to express an opinion on these financial statements based on our audit

We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the School as of June 30, 2011, and the changes in its net assets and its cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

In accordance with Government Auditing Standards, we have also issued a report dated November 15, 2011 on our consideration of the School's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be considered in assessing the results of our audit.

The schedules required by Louisiana State Law included as Schedules 1 through 9, are not a required part of the basic financial statements, but are supplementary information required by Louisiana State Law. We have applied certain limited procedures, which are described in the Independent Accountant's Report on Applying Agreed-Upon Procedures. However, we did not audit this information and, accordingly, express no opinion on it.

NEW ORLEANS HOUSTON BATON ROUGE COVINGTON

All Independently Owned Merfiber, McGladrey Alliance The McGJsdrHV Allrante ia a prariiar affillHlion of IndependBni accDunliiH entl conBUllingfiiTra, The- McGLidray Allianca iriamber Imna maintain their nsimB, ayloTKjmy and IndspandencB ond Sf^ rsBporisiDie t<;r thetr own cte^vt t ^ errengam^ts, 'Clefi /ary at serv>c>se and n^lnrEnsfKa ^ dIenI mlalionBhipiS.

http://985.S92.5S50

http://9S5.892.5956

http://LaPorcc.com

Our audit was conducted for the purpose of forming an opinion on the financial statements of the School taken as a whole. The accompanying supplemental information is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole.

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A Professional Accounting Corporation

November 15, 2011

THE MAXINE GIARDINA CHARTER SCHOOL, INC. Statement of Financial Position June 30, 2011

ytesets

Current Assets Cash and Cash Equivalents Accounts Receivable Other Current Assets

Total Current Assets

Fixed Assets Building Machinery and Equipment Improvements

Accumulated Depreciation

Total Fixed Assets, Net

Total Assets

Liabilities and Net Assets

Current Liabilities Accounts Payable Accrued Liabilities Deferred Revenue

Total Current Liabilities

Net Assets

Unrestricted

Total Net Assets

Total Liabilities and Net Assets

$ 452,732

78,846

27,402

558,980

635,945

89,160

38,996

(204,885)

559,216

$ 1,118,196

20,798 77,308 11,330

109,436

1,008,760

1,008,760

$ 1,118,196

The accompanying notes are an integral part of these financial statements.

THE MAXINE GIARDINA CHARTER SCHOOL, INC. Statement of Activities For the Year Ended June 30, 2011

Unrestricted Revenue, Grants and Other Support

State Public School Funding $ 910,024 Federal Grant Revenue 76,134 Other Income, Net 62,934 Donations 45,906

Total Revenue, Grants and Other Support 1,094,998

Expenses Program Services

Regular Education Programs School Administration Special Education Programs Depreciation Operation and Maintenance of Plant Services Pupil Support Services Other Instructional Programs Instructional Staff Services

Management and General General Administration Business Services

Total Expenses

Decrease in Net Assets

Net Assets, Beginning of Year

Net Assets, End of Year

637,846 232,966 101,457 57,068 40,346 19,842 12,854

1,193

9,950 2,187

1,115,709

(20,711)

1,029,471

$ 1,008,760


THE MAXINE GIARDINA CHARTER SCHOOL, INC Statement of Cash Flows For the Year Ended June 30, 2011

Cash Flows from Operating Activities Decrease in Net Assets $ (20,711) Adjustments to Reconcile Decrease in Net Assets to

Net Cash Provided by Operating Activities Depreciation 57,068 (Increase) Decrease in:

Grants Receivable Other Current Assets

Increase (Decrease) in: Accounts Payable Accrued Liabilities Deferred Revenue

Total Adjustments

Net Cash Provided by Operating Activities

Cash Flows from Investing Activities

Fixed Asset Purchases (2,099)

Net Cash Used in Investing Activities (2,099)

Net Increase in Cash and Cash Equivalents 61,803

Cash and Cash Equivalents, Beginning of Year 390,929

Cash and Cash Equivalents, End of Year $ 452,732

153,132

(13,778)

(70,398)

(52,741)

11,330

84,613

63,902



Notes to Financial Statements

Note 1. Summary of Significant Accounting Policies

The Maxine Giardina Charter School, Inc., d/b/a The Max Charter School (the School) was created as a non-profit corporation under the laws of the State of Louisiana (the State) on June 27, 2006. The School applied to the Louisiana Board of Elementary and Secondary Education (BESE) to operate a Type 2 charter school. On June 6, 2007, BESE approved the charter of the School. The charter was granted for an initial term of 3 years. The School was granted a two year extension of the contract pursuant to Louisiana Revised Statutes 17:3992 and 3998. The charter is set to expire at the end of the 2011 - 2012 school year.

The School serves eligible students in first through eighth grade. The School specializes in instruction for students with dyslexia and other related learning disabilities. A summary of the School's significant accounting policies consistently applied in the preparation of the accompanying financial statements follows:

Financial Statement Presentation The School follows the guidance of the Not-for-Profit Entities Topic of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC). The School is required to report information regarding its financial position and activities according to three classes of net assets: unrestricted, temporarily restricted, and permanently restricted. In addition, the School is required to present a statement of cash flows.

The School also follows the guidance of the Not-for-Profit Entities Topic of the FASB ASC, whereby contributions received are recorded as unrestricted, temporarily restricted, or permanently restricted support depending on the existence and/or nature of any donor restrictions. Restricted net assets are reclassified to unrestricted net assets upon satisfaction of the donor-imposed time or purpose restrictions. Restricted contributions, for which the restriction is met in the same year, are classified as unrestricted.

Basis of Accounting Basis of accounting refers to when revenues and expenses are recognized in the accounts and reported on the financial statements. The financial statements of the School are prepared on the accrual basis of accounting whereby revenues are recognized when earned and expenses are recognized when incurred.

Revenues The School's primary source of funding is through the State Public School Fund. The School received $910,024 from the State based on eligible students in attendance paid over a monthly basis. State and federal grants are on a cost reimbursement basis. An accrual is made when eligible expenses occur.

Fixed Assets and Depreciation Fixed assets are recorded at historical cost or estimated historical cost if historical cost is not available. Betterments that naturally add to the value of related assets or materially extend the useful lives of assets are capitalized. Normal building maintenance and minor equipment purchases are included as expenses of the School.



Note 1. Summary of Significant Accounting Policies (Continued)

Fixed Assets and Depreciation (Continued) Depreciation of fixed assets is calculated using the straight-line method over the estimated useful lives of the assets. The following are the estimated useful lives of the fixed assets of the School:

Improvements 4 - 5 Years Machinery and Equipment 5-10 Years Building 15 Years

Income Taxes The School is recognized by the Internal Revenue Service as a Section 501(c)(3) tax-exempt organization. However, income from certain activities not directly related to the School's tax-exempt purpose is subject to taxation as unrelated business income.

Statement of Cash Flows For purposes of the Statement of Cash Flows, the School considers all investments purchased with an original maturity of three months or less to be cash equivalents.

Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.

Concentrations The School received 83% of its revenues for the year ended June 30, 2011, from the State of Louisiana, subject to its charter school contract with the State.

Compensated Absences The Board of Directors of the School grants all contracted employees of the School a total of 10 days of sick/personal pay per year, provided, however, that the employee is contracted for a full year. Contracted employees may carry over all unused sick/personal days from year to year. The liability at June 30, 2011, is considered to be immaterial and is not recorded in the accompanying financial statements.

Note 2. Accounts Receivable

As of June 30, 2011, accounts receivable totaled $78,846, which was a receivable for federal and state funds passed through the Louisiana Department of Education. The balance is considered to be fully collectible.



Note 3. Fixed Assets

Depreciation expense for the year ended June 30, 2011, was $57,068.

All assets acquired with Louisiana Department of Education funds are owned by the School while used in the purpose for which they were purchased. The Louisiana Department of Education, however, has a reversionary interest in these assets. Should the charter not be renewed, title in any assets purchased with those funds will transfer to the appropriate agency. Assets purchased with private funds remain the property of the School.

Note 4. Accrued Liabilities

As of June 30, 2011, the School had recorded accrued liabilities of $77,308. This amount represents teachers' accrued salaries and pensions for the months of July and August

Note 5. Retirement Plans

Certain employees of the School participate in the Teachers' Retirement System of Louisiana (the TRSL). The TRSL is a cost-sharing, multiple-employer defined benefit pension plan administered and controlled by separate boards of trustees. Pertinent information relative to the plan follows:

Plan Description The TRSL provides retirement benefits as well as disability and survivor benefits. Ten years of service credit are required to become vested for retirement benefits, and five years to become vested for disability and survivor benefits. Benefits are established and amended by state statute. The TRSL issues a publicly available financial report that includes financial statements and required supplementary information for the TRSL. That report may be obtained by writing to the Teachers' Retirement System of Louisiana, P.O. Box 94123, Baton Rouge, LA 70804-9123.

Funding Policy Plan members are required to contribute 8% of their annual covered salary. The School is required to contribute at an actuarially determined rate. The current rate is 20.20% of annual eligible covered payroll for the year ended June 30, 2011. Member contributions and employer contributions for the TRSL are established by state law, and rates are established by the Public Retirement System's Actuarial Committee. The School's contributions to the plan for the three years ended June 30, 2011, 2010, and 2009, were $118,225, $80,808, and $74,448, respectively, which are equal to the required contributions for each year.



Note 6. Operating Lease

The School leases the 1.93 acres of land on which the School is located from Nicholls State University under an operating lease through 2012. The School pays rent in the sum of $5 per year on the lease.

Note 7. Uncertain Income Taxes

All tax returns have been appropriately filed by the School. The School recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense. The School's tax filings are subject to audit by various taxing authorities. The School's open audit periods are 2007 through 2009. Management evaluated the School's tax position and concluded that the School has taken no uncertain tax positions that require adjustment to the financial statements to comply with the provisions of this guidance.

Note 8. Subsequent Events

Management has evaluated subsequent events through the date that the financial statements were available to be issued, November 15, 2011, and determined that no events occurred that require disclosure. No subsequent events occurring after this date have been evaluated for inclusion in these financial statements.

SCHEDULES REQUIRED BY LOUISIANA STATE LAW (R.S. 24:514 - PERFORMANCE AND STATISTICAL DATA)

10

''^ T •ni--^-m^T^ 5100 Village Walk I Suite 300 i^AJr OR 1 E Covingcon, LA 70433

CPA. * BLis.N^sG Acir.aofls 985 .S92.5S50 I Fax 9S5 .892 .5956

LaPorce.com

INDEPENDENT ACCOUNTANT'S REPORT ON APPLYING AGREED-UPON PROCEDURES


We have performed the procedures included in the Louisiana Governmental Audit Guide and enumerated below, which were agreed to by the management of The Maxine Giardina Charter School, Inc. (the School) and the Legislative Auditor, State of Louisiana, solely to assist users in evaluating management's assertions about the performance and statistical data accompanying the annual financial statements of the School and to determine whether the specified schedules are free of obvious errors and omissions as provided by the Board of Elementary and Secondary Education (BESE) Bulletin. This agreed-upon procedures engagement was performed in accordance with standards established by the American Institute of Certified Public Accountants and Government Auditing Standards. The sufficiency of these procedures is solely the responsibility of the specified users of the report. Consequently, we make no representation regarding the sufficiency of the procedures described below either for the purpose for which this report has been requested or for any other purpose.

Our procedures and findings that relate to the accompanying schedules of supplemental information are as follows:

General Fund Instructional and Support Expenditures and Certain Local Revenue Sources (Schedule 1)

1. We selected a random sample of 25 transactions and reviewed supporting documentation to determine if the sampled expenditures/revenues are classified correctly and are reported in the proper amounts for each of the following amounts reported on the schedule:

• Total General Fund Instructional Expenditures • Total General Fund Equipment Expenditures • Total Local Taxation Revenue • Total Local Earnings on Investment in Real Property • Total State Revenue in Lieu of Taxes • Nonpublic Textbook Revenue • Nonpublic Transportation Revenue

Findings:

None


All Independently Owned Merfiber, McGladrey Alliance The McGJsdrHV Allrante ia a prariiar affillHlion of IndependBni accDunliiH entl conBUllingfiiTra, ^ '^ The- McGLidray Allianca iriamber Imna maintain their nsimB, ayloTKjmy and IndspandencB ond Sf^ rsBporisiDie t<;r thetr own cte^vt t ^ errengam^ts, 'Clefi /ary at serv>c>se and n^lnrEnsfKa ^ dIenI mlalionBhipiS.

http://985.S92.5S50

http://9S5.892.5956

http://LaPorce.com

Education Levels of Public School Staff (Schedule 2)

2. We reconciled the total number of full time classroom teachers per the schedule "Experience of Public Principals, Assistant Principals, and Full Time Classroom Teachers" (Schedule 4) to the combined total number of full time classroom teachers per this schedule and to the School's supporting payroll records as of October V\

3. We reconciled the combined total of principals and assistant principals per the schedule "Experience of Public Principals, Assistant Principals, and Full Time Classroom Teachers" (Schedule 4) to the combined total of principals and assistant principals per this schedule.

4. We obtained a list of principals, assistant principals, and full time teachers by classification as of October 1 ^ and as reported on the schedule. We traced each of the teachers to the individual's personnel file to determine if the individual's education level was properly classified on the schedule.

Findings:

None

Number and Type of Public Schools (Schedule 3)

5. We obtained a list of schools by type as reported on the schedule. We compared the list to the schools and grade levels as reported on the Title I Grants to Local Educational Agencies (CFDA 84.010) application and/or the National School Lunch Program (CFDA 10.555) application.

Findings:

None

Experience of Public Principals. Assistant Principals, and Full Time Classroom Teachers (Schedule 4)

6. We obtained a list of principals, assistant principals, and full time teachers by classification as of October V\ and as reported on the schedule, and traced the same sample used in procedure 4 to the individual's personnel file and determined if the individual's experience was properly classified on the schedule.

Findings:

None

Public School Staff Data (Schedule 5)

7. We obtained a list of all classroom teachers including their base salary, extra compensation, and ROTC or rehired retiree status, as well as full time equivalent as reported on the schedule and traced each to the individual's personnel file and determined if the individual's salary, extra compensation, and full time equivalents were properly included on the schedule.

12

8. We recalculated the average salaries and full time equivalents reported on the schedule.

Findings:

None

Class Size Characteristics (Schedule 6)

9. We obtained a list of classes by school, school type, and class size as reported on the schedule and reconciled school type classifications to Schedule 3 data, as obtained in procedure 5. We then traced a random sample of 10 classes to the October 1 * roll books for those classes and determined if the class was properly classified on the schedule.

Findings:

None

Louisiana Educational Assessment Program (LEAP) (Schedule 7)

10. We obtained test scores as provided by the testing authority and reconciled scores as reported by the testing authority to scores reported on the schedule by the School.

Findings:

None

Graduation Exit Exam (Schedule 8)

11. Not applicable.

iLEAP Test Results (Schedule 9)

12. We obtained test scores as provided by the testing authority and reconciled scores as reported by the testing authority to scores reported on the schedule by the School.

Findings:

None

We were not engaged to, and did not, perform an examination, the objective of which would be the expression of an opinion on management's assertions. Accordingly, we do not express such an opinion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

13

This report is intended solely for the use of management of the School, the Louisiana Department of Education, the Louisiana Legislature, and the Legislative Auditor, State of Louisiana, and should not be used by those who have not agreed to the procedures and taken responsibility for the sufficiency of the procedures for their purposes. Under Louisiana Revised Statute 24:513, this report is distributed by the Louisiana Legislative Auditor as a public document.

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November 15, 2011

14

THE MAXINE GIARDINA CHARTER SCHOOL, INC. Schedules Required by Louisiana State Law (R.S. 24:514 - Performance and Statistical Data) As of and for the Year Ended June 30, 2011

Schedule 1 - General Fund Instructional and Support Expenditures and Certain Local Revenue Sources This schedule includes general fund instructional and equipment expenditures. It also contains local taxation revenue, earnings on investments, revenue in lieu of taxes, and nonpublic textbook and transportation revenue. This data is used either in the Minimum Foundation Program (MFP) formula or is presented annually in the MFP 70% Expenditure Requirement Report.

Schedule 2 - Education Levels of Public School Staff This schedule includes the certificated and uncertificated number and percentage of full time classroom teachers and the number and percentage of principals and assistant principals with less than a Bachelor's; Master's; Master's +30; Specialist in Education; and Ph. D. or Ed. D. degrees. This data is currently reported to the Legislature in the Annual Financial and Statistical Report (AFSR).

Schedule 3 - Number and Type of Public Schools This schedule includes the number of elementary, middle/junior high, secondary, and combination schools in operation during the fiscal year. This data is currently reported to the Legislature in the Annual Financial and Statistical Report (AFSR).

Schedule 4 - Experience of Public Principals. Assistant Principals, and Full Time Classroom Teachers This schedule includes the number of years of experience in teaching for assistant principals, principals, and full time classroom teachers. This data is currently reported to the Legislature in the Annual Financial and Statistical Report (AFSR).

Schedule 5 - Public School Staff Data This schedule includes average classroom teachers' salary using full time equivalents, including and excluding ROTC and rehired retiree teachers. This data is currently reported to the Legislature in the Annual Financial and Statistical Report (AFSR).

Schedule 6 - Class Size Characteristics This schedule includes the percent and number of classes with student enrollment in the following ranges: 1-20, 21-26, 27-33, and 34+ students.

Schedule 7 - Louisiana Educational Assessment Program (LEAP) This schedule represents student performance testing data and includes summary scores for grades 4 and 8 in each category tested. Scores are reported as Advanced, Mastery, Basic, Approaching Basic, and Unsatisfactory. This schedule includes three years of data.

Schedule 8 - Graduation Exit Exam Not applicable.

Schedule 9 - iLEAP Test Results This schedule represents student performance testing data and includes a summary score for grades 3, 5, 6, 7, and 9. The summary score reported is the Percentile Rank showing relative position or rank as compared to a large, representative sample of students in the same grade from the state. This schedule includes three years of data.

15

THE MAXINE GIARDINA CHARTER SCHOOL, INC. Schedule 1 General Fund Instructional and Support Expenditures and Certain Local Revenue Sources For the Year ended June 30, 2011

General Fund Instructional and Equipment Expenditures General Fund Instructional Expenditures

Teacher and Student Interaction Activities Classroom Teacher Salaries $ 413,704 Other Instructional Staff Salaries 54,511 Instructional Staff Employee Benefits 166,204 Purchased Professional and Technical Services 2,335 Instructional Materials and Supplies 38,401 Instructional Equipment -

Total Teacher and Student Interaction Activities $ 675,155

Other Instructional Activities 868

Pupil Support Services 19,842 Less: Equipment for Pupil Support Services -

Net Pupil Support Services 19,842

Instructional Staff Services 1,193 Less: Equipment for Instructional Staff Services -

Net Instructional Staff Services 1,193

School Administration 232,966 Less: Equipment for School Administration -

Net School Administration 232,966

Total General Fund Instructional Expenditures $ 930.024

Total General Fund Equipment Expenditures _ | -

Certain Local Revenue Sources Local Taxation Revenue

Constitutional Ad Valorem Taxes $ Renewable Ad Valorem Tax Debt Service Ad Valorem Tax Up to 1 % of Collections by the Sheriff on Taxes

Other than School Taxes Sales and Use Taxes

Total Local Taxation Revenue

Local Earnings on Investment in Real Property Earnings from 16th Section Property Earnings from Other Real Property

Total Local Earnings on Investment in Real Property

State Revenue in Lieu of Taxes Revenue Sharing - Constitutional Tax Revenue Sharing - Other Taxes Revenue Sharing - Excess Portion Other Revenue in Lieu of Taxes

Total State Revenue in Lieu of Taxes

Nonpublic Textbook Revenue Nonpublic Transportation Revenue

See independent accountant's report on applying agreed-upon procedures.

16

THE MAXINE GIARDINA CHARTER SCHOOL, INC. Education Levels of Public School Staff As of October 1, 2010

Schedule 2

Category Less than a Bachelor's Degree Bachelor's Degree Master's Degree Master's Degree +30 Specialist in Education Ph. D. or Ed. D.

Total

Full Time Classroom Teachers Certificated

Number

9 1 1

11

Percent

82% 9% 9%

100%

Uncertificated Number Percent

Principals & Assistant Principals Certificated

Number

1

1

Percent

100%

100%

Uncertificated Number Percent


17

THE MAXINE GIARDINA CHARTER SCHOOL, INC. Number and Type of Public Schools For the Year Ended June 30, 2011

Schedule 3

Type

Elementary Middle/Jr. High Secondary Combination

Total

Number

1

1


18

THE MAXINE GIARDINA CHARTER SCHOOL, INC. Experience of Public Principals, Assistant Principals, and Full Time Classroom Teachers As of October 1, 2010

Schedule 4

Assistant Principals Principals Classroom Teachers

Total

0 -1 Yr.

1 5

6

2 - 3 Yrs.

1

1

4-10 Yrs.

1

1

11-14 Yrs.

3

3

15-19 Yrs.

0

20 - 24 Yrs.

1

1

25+ Yrs.

0

Total

1 11

12


19

THE MAXINE GIARDINA CHARTER SCHOOL, INC. Public School Staff Data For the Year Ended June 30, 2011

Schedule 5

Average Classroom Teachers' Salary Including Extra Compensation

Average Classroom Teachers' Salary Excluding Extra Compensation

Number of Teacher Full Time Equivalents (FTEs) Used in Computation of Average Salaries

All Classroom Teachers

$41,251

$41,251

11.00

Classroom Teachers Excluding ROTC,

Rehired Retirees, and Flagged Salary Reductions

$41,251

$41,251

11.00


20

THE MAXINE GIARDINA CHARTER SCHOOL, INC. Class Size Characteristics As of October 1, 2010

Schedule 6

School Type Elementary Elementary Activity Classes

Class Size Range 1 -20

Percent 94%

Number 44

21 -26 Percent

6% Number

3

27-33 Percent Number

34+ Percent Number


21

THE MAXINE GIARDINA CHARTER SCHOOL, INC. Louisiana Educational Assessment Program (LEAP) For the Year Ended June 30, 2011

Schedule 7

District Achievement Levei Resuits

Students Grade 4 Advanced IVlastery Basic Approaching Basic Unsatisfactory

Totai

Engiish Language Arts 2011

Nbr.

0 1 7 4 3

15

%

0% 7%

47% 26% 20%

100%

2010 Nbr.

0 1 4 6 8

19

%

0% 5%

2 1 % 32% 42%

100%

2009 Nbr.

0 0 3 8 10

21

%

0% 0% 14% 38% 48%

100%

IVIathematics 2011

Nbr.

0 1 5 6 3

15

%

0% 7%

33% 40% 20%

100%

2010 Nbr.

0 0 7 8 4

19

%

0% 0%

37% 42% 2 1 %

100%

2009 Nbr.

0 0 4 7 10

21

%

0% 0% 19% 33% 48%

100%

Science 2011

Nbr.

0 1 7 7 0

15

%

0% 7%

47% 46% 0%

100%

2010 Nbr.

0 2 9 7 1

19

%

0% 11% 47% 37% 5%

100%

2009 Nbr.

0 0 7 8 6

21

%

0% 0%

33% 38% 29%

100%

Sociai Studies | 2011

Nbr.

0 0 7 6 2

15

%

0% 0%

47% 40% 13%

100%

2010 Nbr.

0 1 13 3 2

19

%

0% 5%

68% 16% 11%

100%

2009 1 Nbr.

0 0 3 7 11

21

%

0% 0% 14% 33% 53%

100%

District Achievement Levei Results

Students Grade 8 Advanced Mastery Basic Approaching Basic Unsatisfactory

Total

English Language Arts 2011

Nbr.

0 1 1 2 0

4

%

0% 25% 25% 50% 0%

100%

2010 Nbr.

0 0 3 6 4

13

%

0% 0%

23% 46% 3 1 %

100%

2009 Nbr.

0 0 2 4 2

8

%

0% 0%

25% 50% 25%

100%

Mathematics 2011

Nbr.

0 0 2 2 0

4

%

0% 0%

50% 50% 0%

100%

2010 Nbr.

0 0 3 7 3

13

%

0% 0%

23% 54% 23%

100%

2009 Nbr.

0 0 4 1 3

8

%

0% 0%

50% 12% 38%

100%

Science 2011

Nbr.

0 1 2 1 0

4

%

0% 25% 50% 25% 0%

100%

2010 Nbr.

0 0 5 8 0

13

%

0% 0%

38% 62% 0%

100%

2009 Nbr.

0 1 3 3 1

8

%

0% 12% 38% 38% 12%

100%

Social studies | 2011

Nbr.

0 0 2 1 1

4

%

0% 0%

50% 25% 25%

100%

2010 Nbr.

0 0 7 5 1

13

%

0% 0%

54% 38% 8%

100%

2009 1 Nbr.

0 0 5 1 2

8

%

0% 0%

63% 12% 25%

100%


22

THE MAXINE GIARDINA CHARTER SCHOOL, INC. Schedule 8 Graduation Exit Exam For the Year Ended June 30, 2011

The School is an elementary school; therefore, this schedule does not apply.


23

THE MAXINE GIARDINA CHARTER SCHOOL, INC. iLEAP Test Results For the Year Ended June 30, 2011

Schedule 9

District Achievement Level Results

Students Grade 3 Advanced ^teste^y Basic /Approaching Basic Unsatisfactoiy

Total


Nbr.

0 0 6 8 6

20

% 0% 0% 30% 40% 30%

100%

2010 Nbr.

0 0 0 7 5

12

% 0% 0% 0%

58% 42%

100%

2009 Nbr.

0 0 0 4 8

12

% 0% 0% 0%

33% 67%

100%

Mathematics 2011

Nbr.

1 1

11 5 2

20

% 5% 5%

55% 25% 10%

100%

2010 Nbr.

0 0 2 5 5

12

% 0% 0% 16% 42% 42%

100%

2009 Nbr.

0 1 4 4 3

12

% 0% 9% 33% 33% 25%

100%

Science 2011

Nbr.

0 2 11 5 2

20

% 0% 10% 55% 25% 10%

100%

2010 Nbr.

0 0 5 4 3

12

% 0% 0%

42% 33% 25%

100%

2009 Nbr.

0 1 4 4 3

12

% 0% 9% 33% 33% 25%

100%

Social Studies | 2011

Nbr.

0 0 9 4 7

20

% 0% 0%

45% 20% 35%

100%

2010 Nbr.

0 0 2 6 4

12

% 0% 0% 16% 51% 33%

100%

2009 1 Nbr.

0 0 4 5 3

12

% 0% 0%

33% 42% 25%

100%

District Achieve men! Level Results

Students Grade 5 Advanced Mastery Basic Approaching Basic Unsatisfactory

Total


Nbr.

0 2 4 4 5

15

% 0%

13% 27% 27% 33%

100%

2010 Nbr.

0 0 2 9 9

20

% 0% 0% 10% 45% 45%

100%

2009 Nbr.

0 0 4 2 12

18

% 0% 0%

22% 11% 67%

100%

Mathematics 2011

Nbr.

2 0 3 7 3

15

% 13% 0%

20% 47% 20%

100%

2010 Nbr.

0 0 5 4 11

20

% 0% 0%

25% 20% 55%

100%

2009 Nbr.

0 0 6 5 7

18

% 0% 0% 33% 28% 39%

100%

Science 2011

Nbr.

0 2 6 5 2

15

% 0% 13% 40% 34% 13%

100%

2010 Nbr.

0 0 2 11 7

20

% 0% 0% 10% 55% 35%

100%

2009 Nbr.

0 0 6 5 7

18

% 0% 0% 33% 28% 39%

100%


Nbr.

1 1 8 3 2

15

% 7% 7% 53% 20% 13%

100%

2010 Nbr.

0 0 6 8 6

20

% 0% 0% 30% 40% 30%

100%

2009 1 Nbr.

0 1 8 1 7

17

% 0% 6%

47% 6%

4 1 %

100%

DistrictAchievement Level Results

Students Grade 6 Advanced Masleiy Basic Approaching Basic Unsatisfactofy

Total


Nbr.

0 0 6 5 9

20

% 0% 0% 30% 25% 45%

100%

2010 Nbr.

0 0 5 9 4

18

% 0% 0% 28% 50% 22%

100%

2009 Nbr.

0 1 0 3 6

10

% 0% 10% 0% 30% 60%

100%

Mathematics 2011

Nbr.

0 0 7 5 8

20

% 0% 0% 35% 25% 40%

100%

2010 Nbr.

0 0 5 4 9

18

% 0% 0% 28% 22% 50%

100%

2009 Nbr.

0 2 1 3 4

10

% 0%

20% 10% 30% 40%

100%

Science 2011

Nbr.

0 0 9 7 4

20

% 0% 0% 45% 35% 20%

100%

2010 Nbr.

0 0 9 5 4

18

% 0% 0% 50% 28% 22%

100%

2009 Nbr.

0 1 2 5 2

10

% 0% 10% 20% 50% 20%

100%


Nbr.

0 0 7 4 8

19

% 0% 0% 37% 21% 42%

100%

2010 Nbr.

0 0 7 9 2

18

% 0% 0% 39% 50% 11%

100%

2009 1 Nbr.

0 0 4 1 5

10

% 0% 0% 40% 10% 50%

100%

DistrictAchievement Level Results

Students Grade 7 Advanced Masteiy Basic /^preaching Basic Unsatisfactory

Total


Nbr.

0 0 9 7 0

16

% 0% 0%

56% 44% 0%

100%

2010 Nbr.

0 0 1 2 8

11

% 0% 0% 9% 18% 73%

100%

2009 Nbr.

0 0 5 6 3

14

% 0% 0%

36% 43% 21%

100%

Mathematics 2011

Nbr.

0 1 9 2 4

16

% 0% 6% 56% 13% 25%

100%

2010 Nbr.

0 1 3 6 1

11

% 0% 9%

27% 55% 9%

100%

2009 Nbr.

0 0 2 8 4

14

% 0% 0% 14% 57% 29%

100%

Science 2011

Nbr.

0 0 10 5 1

16

% 0% 0%

63% 31% 6%

100%

2010 Nbr.

0 0 2 2 7

11

% 0% 0% 18% 18% 64%

100%

2009 Nbr.

0 0 5 6 3

14

% 0% 0% 36% 43% 21%

100%


Nbr.

0 1 5 6 4

16

% 0% 6%

31% 38% 25%

100%

2010 Nbr.

0 0 3 3 5

11

% 0% 0% 27% 27% 46%

100%

2009 1 Nbr.

0 0 4 5 4

13

% 0% 0%

31% 38% 31%

100%


24

SUPPLEMENTAL INFORMATION

25

THE MAXINE GIARDINA CHARTER SCHOOL, INC. Schedule of Governing Board For the Year Ended June 30, 2011

Board Member Compensation Board Member Compensation

Jake Giardina 918 East First Street Thibodaux, LA 70301 Board Chair

$ - 0 - Florina Bergeron 408 Seventh Street Morgan City, LA 70380 Board Member

$ - 0 -

Karen Chauvin PO Box 2050 Thibodaux, LA 70310 President

$ - 0 - Andrea Bollinger-Giardina PO Box 250 Lockport, LA 70374 Board Member

$ - 0 -

Carol Broussard 137 Alamo Drive Houma, LA 70360 Vice-President

$ - 0 - Dr. Albert Davis PO Box 2008 Thibodaux, LA 70310 Board Member

$ - 0 -

Dianne Savoie 1130 Bayou Blue Road Houma, LA 70364 Secretary

$ - 0 - Dr. Leslie Jones PO Box 2035 Thibodaux, U\ 70310 Board Member

$ - 0 -

Brian Aucoin 1306 Park Drive Thibodaux, UK 70301 Treasurer

$ - 0 - Dr. Steven Welsh NSU 220 Polk Hall Thibodaux, LA 70310 Board Member

$ - 0 -

Vanessa Benoit 1012 Highway 20 Thibodaux, UK 70301 Board Member

$ - 0 - Melvin Duplantis 345 Bayou Blue Road Houma, LA 70364 Board Member

$ - 0 -

26

> * ' ' Y * * Tiir^T-fcrT-^T^ 5100 Village Walk | Suite 300

i ^ A r O R T E covingcon. LA 70433 CPA. < HLis.NEss AD^isofls 985 .S92.5S50 I Fax 9S5 .892 .5956

LaPorcc.com

REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH

GOVERNMENT AUDITING STANDARDS


We have audited the financial statements of The Maxine Giardina Charter School, Inc., {the School), a non-profit organization, as of and for the year ended June 30, 2011, and have issued our report thereon dated November 15, 2011. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States.

Internal Control Over Financial Reporting

In planning and performing our audit, we considered the School's internal control over financial reporting as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the School's internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the School's internal control over financial reporting.

A deficiency in internal control exists when the design of operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected, on a timely basis.

Our consideration of internal control over financial reporting was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over financial reporting that might be deficiencies, significant deficiencies, or material weaknesses. We did not identify any deficiencies in internal control over financial reporting that we consider to be material weaknesses, as defined above.


All Independently Owned Merfiber, McGladrey Alliance The McGJsdrHV Allrante ia a prariiar affillHlion of IndependBni accDunliiH entl conBUllingfiiTra, 2 7 The- McGLidray Allianca iriamber Imna maintain their nsimB, ayloTKjmy and IndspandencB ond Sf^ rsBporisiDie t<;r thetr own cte^vt t ^ errengam^ts, 'Clefi /ary at serv>c>se and n^lnrEnsfKa ^ dIenI mlalionBhipiS.

http://985.S92.5S50

http://9S5.892.5956

http://LaPorcc.com

Compliance and Other Matters

As part of obtaining reasonable assurance about whether the School's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit and, accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.

This report is intended solely for the information and use of management, the Board of Directors, the Louisiana Legislative Auditor, the Louisiana Department of Education, and federal awarding agencies and pass-through entities and is not intended to be used by anyone other than these specified parties. Under Louisiana Revised Statute 24:513, this report is distributed by the Louisiana Legislative Auditor as a public document.

^ . ' / W ^ - * - ^ . , ^ ^


November 15, 2011

28

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